Thu, 27 Sep 2012 | ADMINISTRATION
Ploughcroft Building Services has confirmed that it has entered administration and has been sold to a new company.
The renewable energy installer was sold to Ploughcroft Ltd, which is headed up by the former owner of the business, Chris Hopkins. Mr Hopkins will continue to trade through the new company after having acquired all the company's assets and goodwill.
Financial problems were blamed for the business administration after successive cuts to the Feed-in Tariff solar power subsidies saw trade filter off as customers either defaulted on payments or went out of business themselves.
Poor weather conditions made the situation worse after summer installations were held up and August orders were reduced.
Mr Hopkins is expected to set Ploughcroft Ltd up with 120 solar installers and is planning on establishing a customer helpline to encourage more business.
Before Ploughcroft entered administration, it installed solar panels, heat pumps, wind turbines and electric vehicle charging points.
Ploughcroft is not the only company to have struggled financially since the government cut its Feed-in Tariff incentives. The changes in payouts saw a sharp drop-off in domestic solar panel installations, while businesses have been keeping spending tight recently in light of ongoing economic strife.
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